Mosman's Farmout Agreement for EP(A)155 in the Amadeus Basin, NT
- Jul 3, 2024
- 3 min read
Mosman Oil and Gas, through its subsidiary Oilco, entered into a Farmout Agreement with Westmarket Oil & Gas, gaining a 25% interest in the prospective EP(A)155 (Mount Winter) located in Australia's Northern Amadeus Basin. Under the agreement, Westmarket is tasked with conducting seismic reprocessing, a gravity survey, and a seismic survey to earn a 75% working interest, with Mosman eligible to increase its stake by 10% if the drilling of a well leads to production. The deal also includes financial considerations for past costs and ongoing technical work, with termination rights if the Farm-in conditions or interest transfer are not met within specified timeframes.